Fast Cash Loans South Carolina
When you have pressing payments, and no cash in which you can make those payments, they can be very difficult for you to get your hands on the cash you need in order to pay your pressing debts. However, there are multiple options available to you if you do not have the credit that would allow you to be approved for a traditional loan from a bank.
Payday loans are a popular option for individuals that have pressing obligations that need to be paid off, and have a steady job. Payday loans do not run credit checks, and instead allow you to secure a loan, using future paychecks as collateral. In order to receive a payday loan, you have to have proof of a steady and consistent pay schedule from your employer, and also have a checking or savings account in which the money can be deposited. Payday loans typically have a very high interest rate, which for many people is going to make them a last resort option. The interest rate of most payday loans will be upwards of 150% to 200%, which means that you need to pay the loan on the specified date in order to run-up fees, and interest payments. Most payday loan companies are going to require that you have had a checking or savings account for at least one month, as well as a specified number of weeks of reoccurring income, which can be used to prove your employment. Since payday loan companies do not run a credit check, your credit score will not have any effect on whether or not you can qualify for a payday loan.
Title loans are another popular type of quick loans, which provide you with immediate cash, that you can use to pay off your current bills and obligations. Title loans allow you to take the title to a possession that you own (usually a car) and then receive a loan up to a percentage of the total worth of the asset. Of course, the problem with title loans is that if you fail to pay back the loan, the company can utilize the title that you used as collateral, as a form of repayment. However, title loans provide an excellent alternative to payday loans for individuals that do not want to risk the high interest payments, or do not have the steady income that is required in order to receive a payday loan. Both loan types provide you with fast cash loans, but also force you to take on a fair amount of risk as a result. Of course, you should look into typical bank loans and other options before going to payday loans and title loans, but both can be excellent options when in a pinch.
Quick loans like payday loans and title loans can be excellent options for individuals that are in a tough situation, but should be the method of last resort when you have pressing bills and obligations that need to be paid, but do not have the cash to pay them.